The month of February witnessed a small increase in the unemployment rate of Australia. The unemployment rate recorded in Fubruary 2 01 0 was 5.3%, which a little higher than 5.2% in the last month.

The official data released by the Australian Bureau of Statistics suggests that there were only 400 new jobs created in the economy. The Deputy Prime Minister Julia Gillard feels that this data shows steadiness in the economy as there is just a 0.1% difference in the unemployment rate.

However, prior to February, in the month of November, December and January, the unemployment rate of Australia continuously fell for three consecutive months. Both full time and part time jobs have been considered as employment while calculating the rate of employment.

On an overall basis, the Australian economy has performed well during the economic recession as compared to other developed nations. The country's economy grew by a decent rate of 2.7% in 2009. A major part of this growth can easily be attributed to the rising demand of Australian natural resources in China.

Australia's economy has fared well in the world downturn, growing 2.7 percent last year thanks in part to booming Chinese demand for Australian natural resources.